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Dec 6, 2012
12/12
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a combination of allowing the rates on high earners to go back up to what they were under president clinton, and reducing the value of tax deductions and other tax benefits that they get. before i get to how much can be raised by the second, let me just say the president is very, very supportive of curbing tax deductions for high-income households. it's been a part of his plan from his very first budget. in fact, he was and remains the only major leaguer in washington that has put forward a specific, explicit plan that would limit those tax benefits for high- income households that's been examined by the joint committee on taxation, which is the official referee for these issues in congress. that plan, though, doesn't raise the revenue that you need. so out of the president's $1.6 trillion, $950 billion comes from decoupling. decoupling is the high-income rates going away, the middle- class tax cuts becoming permanent. that gets you $950 billion of revenue. the question is could you plausibly replace that revenue just by limiting tax expenditures. there have been lots of different ideas out
a combination of allowing the rates on high earners to go back up to what they were under president clinton, and reducing the value of tax deductions and other tax benefits that they get. before i get to how much can be raised by the second, let me just say the president is very, very supportive of curbing tax deductions for high-income households. it's been a part of his plan from his very first budget. in fact, he was and remains the only major leaguer in washington that has put forward a...
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Dec 4, 2012
12/12
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bush or president bill clinton, or president george w. bush or president barack obama, the truth is, at the time they were elected president, we as a nation, overall, got the president we deserved at that time. now, one of the most impressive speeches i've ever heard was given by senator barack obama at the democratic convention, and i love the way he talked about america coming back as one america. not a red america or blue america but america. just one country. and it's one of the things that i drew great hope from on 9/12 delsh 2001 as people of the country -- on 9/12/2001 as people of the country gathered around, as we did in our east texas town, and we all held hands and we sang hymns and patriotic songs and you look -- i look around the circle and was deeply moved because i knew that day there were no hyphenated americans. there were just americans. and we were together. and everybody standing there in that square holding hands, we shared the love for our country. we wanted to see it strong. we wanted to see it recover from that dev
bush or president bill clinton, or president george w. bush or president barack obama, the truth is, at the time they were elected president, we as a nation, overall, got the president we deserved at that time. now, one of the most impressive speeches i've ever heard was given by senator barack obama at the democratic convention, and i love the way he talked about america coming back as one america. not a red america or blue america but america. just one country. and it's one of the things that...
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126
Dec 5, 2012
12/12
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we had higher tax rates under clinton and then lower tax rates under bush. these are policies we have passed in this country that have led to this. it has primarily been under republican leadership. if it does not mean democrats don't have some responsibility. host: peter welch is our guest until the top of the hour. the democrat from vermont, the chief deputy whip for the house leadership on the democratic side. we're talking about the so called "fiscal cliff" and our cameras have been covering all the events here in washington as both sides tried to negotiate their argument with. if you go to our web site, c- span.org, we have a special web pages at a side on the fiscal cliff and you can also send in your tweets. we will go to payton next in london, kentucky, a democrat. caller: thank you. i am one of the original baby boomers. i live in one of the poorest areas in the country, which is also heavily republican area of the country. i have always felt [indiscernible]. host: we are losing you. caller: this constant living curtailment from the republicans is a
we had higher tax rates under clinton and then lower tax rates under bush. these are policies we have passed in this country that have led to this. it has primarily been under republican leadership. if it does not mean democrats don't have some responsibility. host: peter welch is our guest until the top of the hour. the democrat from vermont, the chief deputy whip for the house leadership on the democratic side. we're talking about the so called "fiscal cliff" and our cameras have...
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Dec 7, 2012
12/12
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bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. they don't represent the views of the moody's corporation. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. -- an issue fairly soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear h
bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. they don't represent the views of the moody's corporation. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue...
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144
Dec 8, 2012
12/12
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four days ago, we offered a serious proposal based on testimony of president clinton's former chief of staff. since then, there has been no counteroffer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to push our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike he wanted, understand we will continue to see $1 trillion deficits for as far as the eye can see. washington has got a spending problem, not a revenue problem. if the president does not agree with our proposal, we believe he has got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you spoke with the president this week. how do you characterize that call? also, we understand that he is making clear that it will have to be increasing rates for the wealthy or no deal. are you willing to give a littl
four days ago, we offered a serious proposal based on testimony of president clinton's former chief of staff. since then, there has been no counteroffer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to push our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike he wanted, understand we will continue to see...